Cache memory allows the CPU to have processing requests pre-stored & ready for processing by the CPU. Otherwise, since the CPU wokrs much faster than the RAM is able to keep up with, the CPU would be stuck twiddling its virtual thumbs while waiting for the system to respond.
When comparing between different manufacturers (i.e. between Intel & AMD), you can't necessarly rely on the amount of cache memory, as AMD CPUs tend to have more cache but Intel's CPUs can do more work per processor cycle. However, you can use it if you're comparing between differnent chips from the same manufacturer that are "sister" chips. For example, back in the days when "Pentium" meant "the top-line Intel CPU", Celerons were know as "cripple chips" because...